All Forum Posts by: Joy W.

Looks great light and airy. Thank you for sharing the story. 

Hi Jerry,

Do you loan to individuals or must one have LLC? Also, I noticed Baltimore in your listing any other areas in MD?

Thanks,

Joy

That's true.... thanks Ned

Hi Jassem,

I applied at two local banks today. I will google for local credit unions also. I've come across a few seller financing possibilities in my search, a really interesting one a few months ago. HELOC or Home Equity will be my next move. Thanks for the advice.

Hi Michael,

Thanks for option D :-) I will give it some thought.

Congrats and thanks for sharing. What an inspiration!

Hi Esther,

Thanks for your comments. I agree. I've been watching this area for a while now. 

Hello,

Here is my dilemma. I'm a retiree. I've been in my home for some years, refinanced 3 yrs ago (no cash out) into a 15 yr @ 3% fixed rate with Wells Fargo. I'm interested in purchasing an investment property in the $20k-$40k range. I recently applied at my CU for a mortgage. I received a pre-qualification approval for $54K, and moved forward with a pre-approval for $40k. The underwriter denied it due to DTI ratio being too high (63%). I asked during the pre-qualification process if I needed to pay-off any debt and was told "no". I haven't tried with any other banks. I understand that most want to see 45% or less DTI, correct? I have 2 days left on the 30-day window for a hard pull on my credit report. I'm wondering if there are any lenders that will work with my current DTI ratio?

Plan B: I could rollover funds from my previous employer into Roth IRA ($5500 now) and ($5500 in Apr '16) then purchase property with cash.

OR

Plan C: A HELOC or Home Equity Loan - I have approximately $70k in equity, but my income may be a factor as I understand the interest rates are higher on these.

Thanks for reading!

Hi Russell,

Thanks for the advise.  Those are the areas that I've been searching in, particularly Temple Hills, Oxon Hill with the new casino coming.  As for Laurel, I've seen condo prices increase pre-town center $50K, post-town center $75K for 1bd. 

You and Ned now have me thinking about the condos being poorly managed. I hadn't really thought of it in that way. 

Hi Ned,

Thanks for the information - great points. This would be an investment property not my primary residence. I'm thinking a condo would be easier starting out less maintenance involved.  That is if I can find one with a low condo fee. I've seen $230 - $350 with rents in the area of $1100 - $1450 given all expenses should cash flow $200 - $300. You're right there are some condo fees $500.

p.s. I've also been looking at homes in the Brooklyn, MD area.